CREDS 9.2 Reporting

A credit union must provide the FCA, once a year, with a report in the format set out in CREDS 9 Annex 1 R (Credit Union complaints return) which contains (for the relevant reporting period) information about:

where a credit union reports on the amount of redress paid under CREDS 9.2.1R (4), redress should be interpreted to include any amount paid, or cost borne, by the credit union, where a cash value can be readily identified, and should include:

(a)

amounts paid for distress and inconvenience;

(b)

a free transfer out to another provider which transfer would normally be paid for;

(c)

ex-gratia payments and goodwill gestures;

(d)

interest on delayed settlements

(e)

waiver of an excess on an insurance policy; and

(f)

payments to put the consumer back into the position the consumer should have been in had the act or omission not occurred;

(4)

where a credit union reports on the amount of redress paid under CREDS 9.2.1R (4), such redress should not, however, include repayments or refunds of premiums which had been taken in error (for example where a credit union had been taking, by direct debit, twice the actual premium amount due under a policy). The refund of the overcharge would not count as redress.

A report under this section must be given or addressed, and delivered, in the way set out in SUP 16.3.6 R to SUP 16.3.16 G (General provisions on reporting), except that, instead of the credit union's usual supervisory contact, the report must be given to or addressed for the attention of the Central Reporting team at the FCA.